CHANGE IN USE OF PROCEEDS. Based on the information currently available and the Board’s estimation of the future market condition, the Board has on 22 September 2017 resolved to reallocate and utilise the unutilised Subscription Proceeds in the following manner:
CHANGE IN USE OF PROCEEDS. If the Company determines that less than 95% of the proceeds of the Bonds will be used with respect to the Project as required by Section 144(a) of the Code or a change in use of the Project occurs such that the Project would no longer qualify for financing under Section 144(a) of the Code, the Company will call Bonds (or establish a defeasance escrow for the retirement of the Bonds) in an amount and at the time required pursuant to Section 1.142-2 of the Regulations.
CHANGE IN USE OF PROCEEDS. Reference is made to the Circular of the Company dated 24 June 2015 in relation to, among others, the Placing and the Rights Issue, and the Announcement. As stated in the Announcement, the Board had resolved to reallocate the proceeds from the Placing that were planned to settle the balance of the Final Consideration, i.e. a maximum of HK$18.3 million, to the provision of short terms loans under the Group’s money lending business. As at the date of this announcement, the Group has received the repayment of all the principal and interests of such short terms loans. Since the Final Consideration is now capped at HK$36,750,000, which is equal to the Initial Consideration, the Company does not have to make any further payment to the Vendor. Therefore, the Board has resolved to reallocate the aforesaid HK$18.3 million as general working capital of the Group.
CHANGE IN USE OF PROCEEDS. Reference is made to the announcement of Universe International Holdings Limited (the “Company”) dated 27 August 2015 (the “Announcement”) in relation to the disclosable transaction concerning the acquisition of 49% of the issued share capital of Glory International Entertainment Limited. Unless otherwise stated, capitalised terms used herein shall have the same meanings as those defined in the Announcement.
CHANGE IN USE OF PROCEEDS. Reference is made to the announcement of the Company dated 10 July 2019, in relation to, among other matters, the change in the use of un-utilised proceeds (the “Un-utilised Proceeds”) from the placing of new Shares completed on 22 December 2016. The Group believed that it would be in the interests of the Company and the Shareholders to re-allocate the intended use of the Un-utilised Proceeds to segments where revenue can be generated sooner and that approximately HK$567.6 million is to be applied for potential investment opportunities in the Fintech industry, of which USD50 million (equivalent to approximately HK$390 million) is to be applied to the subscription of shares in Bronzelink Holdings Limited (please refer to announcement of the Company dated 19 July 2019 for details). As the trade war between the United States and China seems to be intensifying and the general business environment in Hong Kong is not very encouraging recently, the Group considered that it is important to diversify its investment and revenue streams. In view of this, the Board has decided to re-allocate approximately HK$163.8 million of out the abovementioned HK$567.6 million to the Cooperation Agreement and establishment of the Joint Venture. Having considered the factors above, the Board is of the view that the Cooperation Agreement is an attractive investment that will fit into the Group’s business strategy and bring positive returns to the Group in the long run; thus, the Board considers that the Cooperation Agreement is in the interests of the Company and the Shareholders as a whole.
CHANGE IN USE OF PROCEEDS. Reference is made to the announcements made by the Company on 11 December 2015, 8 April 2016, 11 May 2016 (the “Announcements”), the circular published by the Company dated 27 December 2015 (the “Circular”) and the Annual Report 2016 of the Company (the “Annual Report”). Defined terms used herein shall have the same meanings as those defined in the Announcements, the Circular and the Annual Report, unless otherwise specified. As disclosed in the Circular, the gross proceeds from the issue of the Subscription Shares pursuant to the Subscription Agreement were approximately HK$2,267,525,000. The net proceeds from the issue of the Subscription Shares pursuant to the Subscription Agreement, after deduction of expenses and professional fees, amounted to approximately HK$2,261,000,000 (the “Subscription Proceeds”), amongst which approximately HK$1,127.63 million had been utilised as at 31 December 2016. The breakdown of the Company’s actual use of the Subscription Proceeds as at 31 December 2016, the actual use of the Subscription Proceeds from the date of completion of the Subscription to 31 December 2016 and the actual use of the Subscription Proceeds from 31 December 2016 up to the date of this announcement are as follows: Research and development which will 500 341.18 158.82 primarily be used to upgrade the Group’s TV products including but Dot TV, Slim TV, HDR (High Dynamic Range), etc Overseas market expansion in countries 400 135.29 60.77 tentatively targeting with high population including but not limited to India and Brazil, etc. Automation and technology and process 300 91.16 90.30 as at the date hereof but tentatively the mergers and acquisitions target should have synergy with the Group’s existing businesses in terms of R&D, supply chains, production, sales, user base and APRU value, etc.) Repayment of loans 500 500 0 General working capital 60 60 0 As at the date of this announcement, the use of the Subscription Proceeds has not exceeded the proposed use of the Subscription Proceeds as disclosed in the Circular and the total balance of the unutilised Subscription Proceeds was approximately HK$822.48 million, comprising (i) approximately HK$203.94 million originally allocated for overseas market expansion; (ii) approximately HK$118.54 million originally allocated for automation and technology and process improvement; and (iii) approximately HK$500 million originally allocated for mergers and acquisitions.
CHANGE IN USE OF PROCEEDS. Reference is made to the circular of the Company dated 28 July 2021 (the “Circular”) in relation to the Subscription, which set out, among other things, the intended use of the net proceeds from the Subscription. The net proceeds from the Subscription amounted to approximately HK$37.7 million. As at the date of this announcement, save for the repayment of bank loans amounting to approximately HK$22.0 million, the remaining net proceeds have not yet been utilised. Having carefully considered the current business environment and development needs of the Group, the Board has resolved to change the proposed use of the unutilised net proceeds in the amount of approximately HK$10.0 million, which was originally allocated for establishing two retail outlets to expand the sales channels for the food ingredients of the Group to the retail market, to (i) the capital expenditure for leasehold improvements, furniture, fixtures and equipment in respect of the New Openings; and (ii) the working capital purposes to support the operation of its catering business. Planned use Actual use of Unutilised CircularHK$ million announcementHK$ million announcement net proceeds HK$ million HK$ million General working capital Capital expenditure for the New Openings 5.7 – – – 5.7 – 5.7 5.5 Working capital for the catering business – – – 4.5 37.7 22.0 15.7 15.7 As at the date of this announcement, the Group is yet to identify suitable business premises for the setting up of the retail outlets as disclosed in the Circular. Given that the business and economic condition in Hong Kong has persistently been affected by the outbreak of Coronavirus Disease 2019 since January 2020 and the prospects of the food retail industry remain uncertain, the Board considers that a more cautious approach in relation to the execution of the Group’s plan in respect of establishment of retail outlets in Hong Kong should be adopted. Against this backdrop, the Board considered diversifying the Group’s business risk by further expanding its business into the Greater Bay Area market with substantial consumer groups and catering-related downstream business. The Board believes that the unutilised net proceeds should be re-allocated for its catering business, which is in line with the business strategies of the Group, to facilitate efficient allocation of financial resources and strengthen the future development of the Group, and it is appropriate and in the interests of the Company and the Shareholders as a whol...
CHANGE IN USE OF PROCEEDS. The Shares were listed on the Stock Exchange on 10 December 2020 and the Net Proceeds raised from the Global Offering amounted to approximately HK$1,656.6 million, among which HK$480.4 million was allocated for funding the development of the batoclimab (HBM9161), which is a core product of the Company. Given that the Company entered into the License Agreement in licensing-out its core product (batoclimab (HBM9161)), the Board has resolved to re-allocate its unutilised Net Proceeds allocated for batoclimab (HBM9161) accordingly. This announcement is made by the Company pursuant to Rule 13.09 of the Listing Rules and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). The Board is pleased to announce that on 10 October 2022, Shanghai HBM (as the licensor) and NBP Pharma (as the licensee) entered into the License Agreement, pursuant to which Shanghai HBM granted NBP Pharma an exclusive license under the Licensed Technology to develop, manufacture and commercialize the Licensed Products, one of the core products of the Company and was developed as a breakthrough treatment for a wide spectrum of autoimmune diseases in Greater China. The principal terms of the License Agreement are set out below:
CHANGE IN USE OF PROCEEDS. The Company intends to use the net proceeds from the global offering of shares of the Company as more particularly set out in the Company’s prospectus dated 8 December 2006 (the “Global Offering”) to finance its contribution to the registered capital of the JV Company. As such, the Board considers it necessary to reallocate part of such net proceeds initially designated to be used as working capital to facilitate the establishment of the JV Company. The Board is of the view that the aforesaid reallocation of net proceeds is in the best interests of the Company and its shareholders as a whole.
